Union54, in collaboration with Mastercard, has unveiled ChitChat, an innovative social commerce platform that integrates chat functionality with USD digital wallets in Zambia. This groundbreaking development empowers ChitChat users to seamlessly transfer money to one another directly within their chats and gain access to dollar debit cards, scheduled for release by Q2 2024.
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The forthcoming introduction of dollar cards will enable ChitChat users to conduct in-person transactions using their ChitChat cards, providing a convenient payment method for everyday transactions. Additionally, ChitChat plans to introduce new features such as group wallets to enhance user experience and convenience.
With ChitChat, users can effortlessly transfer funds between their wallets and convert USD to Kwacha, the local currency of Zambia, within the app. Perseus Mlambo, CEO of Union54, emphasized that the creation of ChitChat was driven by the need to establish a “safe, secure, and sovereign” platform for social commerce.
By combining communication, financial transactions, and bill payments into a single platform, ChitChat has the potential to fuel economic growth, foster entrepreneurship, and advance financial inclusion across Africa.
In June 2023, Union54 announced plans to integrate Mastercard’s services, enabling ChitChat to offer card and payment features in beta for Angola, Tanzania, and Ghana, with expansion plans for additional markets in the pipeline.
Despite Union54’s discontinuation of services following a $1.2 billion chargeback fraud attempt, the collaboration with Mastercard underscores a shared commitment to promoting financial inclusion in African markets. Zambia, while considered a smaller eCommerce market, is poised for significant growth, with a projected revenue of US$126.7 million by 2024 and a compound annual growth rate (CAGR 2024-2028) of 9.8%, signaling promising opportunities for ChitChat and its users.
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